GLOBAL LUBRICANTS MARKET FORECAST 2019-2027

GLOBAL LUBRICANTS MARKET FORECAST 2019-2027

Lubricants are chemicals that reduce the friction between various mechanical parts. Lubricants covered in the report would be industrial lubricants, automotive lubricants, marine lubricants and aerospace lubricants. The global lubricants market is estimated to grow with a CAGR of xx% in terms of revenue and XX% in terms of volume. The market is anticipated to grow to $xx million and xx kilotons by 2027. The base year considered for the study is 2018 and the estimated period is between 2019 and 2027. Paper & mill, metal forming, foundry, mining, quarrying, energy, plastics, food & beverages and machining are various manufacturing sectors that use lubricants. As the manufacturing sector grows, the demand for global lubricants will also rise. The global manufacturing sector is robust and is expected to show growth during the forecast period.

Lubricants are chemicals that reduce the friction between various mechanical parts. Lubricants covered in the report would be industrial lubricants, automotive lubricants, marine lubricants and aerospace lubricants. The global lubricants market is estimated to grow with a CAGR of xx% in terms of revenue and XX% in terms of volume. The market is anticipated to grow to $xx million and xx kilotons by 2027. The base year considered for the study is 2018 and the estimated period is between 2019 and 2027.

Paper & mill, metal forming, foundry, mining, quarrying, energy, plastics, food & beverages and machining are various manufacturing sectors that use lubricants. As the manufacturing sector grows, the demand for global lubricants will also rise. The global manufacturing sector is robust and is expected to show growth during the forecast period. Also, high growth in niche manufacturing sectors such as 3D printing & medical devices is expected to further complement the industrial growth rate in these markets. Growth in manufacturing will be a major force driving the market.

Marine lubricants are widely used in high-speed engine oils, medium-speed engine oils and slow-speed marine engines. These products help extend the engine life and protect the components at high temperatures. Some of the lubricants offer additive technology in order to provide protection against crankcases, camshaft areas, under-crowns and ring belts. Further, lubricants are used in slow-speed cylinders as they offer high-performance lubrication, enhanced protection from mechanical wear and help mitigate cold corrosion. Owing to their importance in marine manufacturing, the use of marine lubricants will rise during the forecast period.

Bio-lubricants are made from raw materials, which include animal oils and vegetable oils, such as palm oil, castor oil, sunflower oil and others. Bio-lubricants have huge demand due to their superior properties, which include biodegradability, low maintenance, storage & disposal, reduced emissions, better safety and constant viscosity with higher flash points & viscosity index, as compared to synthetic lubricants. Regulatory sanctions on synthetic lubricants, owing to their environmental impact, have encouraged the utilization of bio-based lubricants. This is a major restraining factor for the market.

The report on the global lubricants market includes segmentation based on application and region.

Market by Application

Industrial lubricants

Automotive lubricants

Marine lubricants

Aerospace lubricants

Geographically, the global lubricants market has been segmented on the basis of four major regions, which include:

The Asia-Pacific is expected to show fast growth in the lubricants market. Rapid industrialization, increasing population and advancements in technology are helping the manufacturing sector in the APAC. China, India and ASEAN countries are showing rapid growth and the demand from these regions for lubricants is expected to rise. The industrial segment is anticipated to witness a high growth rate in the Asia-Pacific over the forecast period, which also is likely to contribute significantly to the industry growth of lubricants.

The major market players in the global lubricants market include:

ExxonMobil Corp.

Royal Dutch Shell, Co.

British Petroleum

Castrol

PetroChina

Others

Company profiles cover the analysis of important market players. These companies are using organic & inorganic strategies for growth. For instance, in December 2016, ExxonMobil announced that it is going to be the Red Bull Racing Formula 1 team’s official fuel, lubricant & motor oil partner in 2017. In November 2016, Shell’s lubricant oil blending plant located in Jakarta, Indonesia, doubled its production state & started producing 99 different products. In September 2016, BP sold 8.53% stakes in its lubricant maker Castrol India to bring its shareholding down to 51% in order to grow its downstream businesses in India.

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